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dwot (99.98)

$3 trillion fraud

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June 15, 2009 – Comments (9)

Market ticker has a post which I'd have to agree with in terms of how much wrong has happened with so very little protest. 

There seems to be a herd mentality with going with the flow.  

I have said it before, I tend to think this massive fraud will probably result in serious negotiation problems with other countries in the future.

9 Comments – Post Your Own

#1) On June 15, 2009 at 2:31 PM, dwot (99.98) wrote:

Too much that interests me today...

Mish as a post which points out how long unemployment continued after each recession.

Well, my personal experience was under employment from 1980 to 1985 when I went to university.  As late as 1984 when I was applying for jobs there was 50-60 applications for single not so great paying jobs.  Vancouver had a massive housing bubble from 79 to 81, which had a 30-50% drop depending on area.

I tend to think employment is going to be awful for a very long time.  So claims eventually stablize, however, you still end up with masses not making enough to actually spend in the economy.  They either are not looking or under employed through few hours or a lesser skilled job.

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#2) On June 15, 2009 at 2:52 PM, dwot (99.98) wrote:

The blame game by big picture, kind of the same line as this post.

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#3) On June 15, 2009 at 2:59 PM, russiangambit (98.75) wrote:

It is coming next spring, when unemployement benefits run out, the debt is so huge that states cannot extend them and jobs are nowhere to be found.

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#4) On June 15, 2009 at 4:45 PM, bigpeach (88.17) wrote:

What fraud? With all due respect to Mr. Denninger, I get a little tired of the way people throw this word around. If Mr. Denninger or anyone else has evidence that fraud has ocurred, they should present that to their DA or the SEC. Being wrong about the value of a security is not fraud, and remember, willing buyers purchased residential structured securities knowing full well what they were getting into.

There's a lot of bitterness right now, and I can't say that I blame people. A lot of people have lost a lot of money, but let's not deceive ourselves into thinking ordinary citizens are the victims of criminal actions by bankers and politicians.

The debacle that is the securitization industry was the result of greed and stupidity, but not fraud.

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#5) On June 15, 2009 at 4:51 PM, bigpeach (88.17) wrote:

I should rephrase that last statement as there has not yet been demonstrated fraud. It is possible that evidence will emerge that wide spread fraud did occur. Personally I think that is unlikely and this will forever be attributed to incredible greed and shortsightedness.

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#6) On June 15, 2009 at 5:24 PM, prose976 (75.25) wrote:

Don't forget that this is a GLOBAL economy.  The fraud is global, committed by all governments and conglomerate-level businesses.  The negotiations will continue, because thieves, though wary of eachother, will always connive and collude with their own kind.  Just as politicians can be at once ripping eachother apart and then hugging and kissing.  That is the way of immorality.  Unfortunately wealth and power has corrupted our "leaders" and "elite."  They will always conspire against and steal from those who are not of their ilk in order to retain control and maintain their lifestyles.

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#7) On June 16, 2009 at 2:30 AM, edbbear (< 20) wrote:

I think there has been ample evidence of fraud.  The Countrywide CEO was charged with it.  He admitted in emails years ago that the loans his company were making were toxic.  I think more people need to be outraged against this.  Perhaps the government smoke-screen has been working.  Perhaps we are still too wealthy as a country--we'll see what happens if unemployment keeps rising or when unemployment benefits run out. 

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#8) On June 16, 2009 at 8:18 AM, dwot (99.98) wrote:

Thanks edbbear.  I was going say the same thing.  There was enormous fraud.

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#9) On June 22, 2009 at 2:11 PM, AdirondackFund (27.68) wrote:

No, please, let's get this right.  It is fraud.  You have to pretend that the best and brightest aren't very bright if you conclude the whole thing is just one big misunderstanding.  That would be embarrassing and insulting to the intelligence of those who orchestrated all of this from the beginning.  It is FRAUD, plain and simple. 

Welcome to our "Egghead Depression".  Anyone got a gun?  Time to 'punish' these folks for what they have done. 

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